Baltimore, Maryland (PRWEB) April 25, 2012
Access Receivables, a national debt collection firm based in Baltimore, Maryland, has announced the first results of its “Nice People Collect More” debt recovery strategy.
This strategy stands in stark contrast to a debt collection industry that has come under fire in recent years because of increased complaints by consumers and businesses over the way that debts are collected. In the 2012 report to Congress, the FTC stated that complaints about debt collection practices jumped nearly 20 percent in 2011. In addition, the Financial Services Protection Bureau (FSPB) announced a proposal to potentially supervise all debt collectors over $10 Million in revenue in February 2012.
According to Tom Gillespie, Access Receivables President, the “Nice people collect more” debt recovery process is a significant departure from traditional debt collection methods that have drawn so much controversy. Its’ ‘non-adversarial’ processes were designed and evaluated over the course of several years and include numerous new developments such as:
-Creation of a debtor educational website – whycreditmatters.net
-A new multi-tier training program and testing for all employees
-Certification of the company’s senior management and training staff as certified
credit counselors in addition to collection certifications.
-A new awards program for associates that reward excellence in debtor customer service.
-Reinforced monitoring and recording of phone calls to continually improve the process.
- An AVATAR based virtual collector that allows the debtor to self-resolve their
Account managers are thoroughly trained to develop relationships with debtors and help them resolve their credit issues. Another positive result of the new process is that the number of accounts requiring litigation has dropped substantially.
Measured results cover November 1, 2011, when the strategy was fully implemented through March 31, 2012. The numbers represent the average increase in collection payments compared to averages established previous to the Nov. 1, 2011 date (historic averages). According to the firm’s President, Tom Gillespie, average payment per person will eventually equate to higher recoveries.
The overall increase in payments for the measured period is 40.1%
FOR SPECIFIC AREAS OF FIRM EXPERTISE:
Increase in educational debt recoveries: 71.1%
Increase in commercial insurance debt recoveries: 20.3%
Increase in personal lines recoveries 52.6%
Increase in commercial telecom recoveries 18.0%
Although historically Access Receivables’ complaint-to-account ratio has been low, it has not received any complaints relating to this new program since November, 2011, and has received numerous positive comments from debtor companies and consumers regarding the new approach.
“We did this for the benefit of our clients, our debtor customers, and of course, for our own benefit,” stated Gillespie. “But we’re already seeing responsible companies in the debt collection business observing our actions and taking their own steps to make the collection experience a win-win for the debtor and the client.” Gillespie believes the “Nice People Collect More” process also helps preserve relationships with debtors who are often a source of future business for clients. In addition, he believes through the process debtors are gaining insight as to why it is important to repay obligations in an era where obtaining future credit is more difficult than it has been in decades.
Based in Baltimore, Maryland, Access Receivables services several key markets as a third party debt collector. They do not purchase debt. They primarily service the educational, insurance, commercial debt, and telecommunications clients located in the U.S.
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